How It Works
Pay on Demand fits right into your existing processes:
- Employees switch their direct deposit account to the third-party provider.
- At the end of each worked shift, no-fee wage advances are offered to your workforce.
- Any requested advances are transferred to the employee’s “tap for pay” account and able to be used immediately with the third-party provider’s Debit Mastercard®.
- The employee’s next paycheck will reflect a deduction in the amount advanced.
Remember, there is no fee to you or your workforce for wage advances.
Benefits for Employees:
- Pay advances help your employees by providing greater liquidity and less financial stress.
- Underbanked or unbanked members of your workforce will benefit greatly from the digital bank account and debit card through the third-party provider.
- The available option of wage advances allow employees to pay for unexpected or emergency expenses, or ease temporary money woes, without any fees and without having to borrow from predatory, high-interest payday lenders.
Benefits for Employers:
- Pay on Demand is becoming more popular with employees, and offering instant wage disbursement helps you become known as an employer of choice.
- Instant payment for hours worked is a benefit that doesn’t require changes to your payroll, and is simple to set up.
- Your organization doesn’t need to front any of the funds, and a third-party provider manages the advances and collections, and is free for both you and your workforce.
- The Pay on Demand solution is built into our Attendance on Demand [should link to Time & Attendance solution page] employee app.
Companies that offer on-demand pay experience:
Increased work productivity
- 86% of employee users showed improved job performance
- 34% reduction in absenteeism among users
Savings in hiring, training, and recruitment (especially for seasonal and part-time positions)
- 40% reduction in employee turnover
- 200% increase in job applicants
- 52% reduction in the time it takes to fill positions
Reduced payroll expenses
- $4.43 per-employee-per-month savings in printing paper checks
- 100% increase in working capital by moving to biweekly payroll
Time Data Systems is a family-owned business. Since 1988, we have been providing cost-effective solutions, customized to fit your company’s unique and individual requirements. We are proud to offer our Attendance on Demand solution, which continues our decades-long tradition of unparalleled implementation, training, and support services.